Stephen Miller says Trump administration is pursuing policy to debank illegal immigrants

Key Points:

• The Trump administration, as explained by White House deputy chief of staff Stephen Miller, is pursuing a strategy to "debank" illegal immigrants, aiming to incentivize their self-deportation by restricting their access to banking services.
• President Trump signed an executive order on May 19 directing banks and federal regulators to increase scrutiny of financial accounts and credit applications involving immigrants without legal status or work authorization, potentially making it harder for illegal immigrants to use the financial system.
• Federal agencies, including the Consumer Financial Protection Bureau, have issued guidance encouraging lenders to consider immigration status and work authorization when assessing loan applicants, signaling that illegal immigrants may be viewed as higher-risk borrowers.
• Additional guidance from three federal agencies on July 13 reminded financial institutions to apply credit risk management practices when lending to individuals not legally authorized to work in the U.S., reinforcing the administration's efforts to limit financial services access for illegal immigrants.